[quote name='Kaijuboy']But how does this run on the PS2? Does it alleviate any of the performance issues?[/QUOTE]
I bought this a few years ago for the same price, and played through Chrono Trigger on my PS2 slim. There are some options to increase loading speed (hardly noticeable, if at all), but the game wasn't unbearable to play for me. I played it completely through on my slim, so that's saying something.
It's definitely not the best choice for any of the games, unless it's your only option.